find the future value of $5000 invested for 10 years at 8% per year compounded monthly? a. $11,098.20 b. $10,800.00 c. $...
find the future value of $5000 invested for 10 years at 8% per year compounded monthly? a. $11,098.20 b. $10,800.00 c. $10,794.62 d. $11,095.15
Homework Answers
Answer:
Present Value = $5,000
Time (n) = 10 years or 120 months
Rate (r ) = 8% per year or 0.6667% per month
Future Value = Present Value * (1 + r)^ n
Future Value = $5,000 * (1 + 0.006667)^ 120
Future Value = $5,000 * 2.2197
Future Value = $11,098.20
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